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Government Working Against The Provisions Of The Companies Act In Patiala

The PSPCL (Punjab State Power Corporation Limited) accused the policies of the government by saying that they are working against the policies of the PSPCL by providing the subsidy of 405 crore to the agricultural sector. Moreover it has also asked the government to roll back its policies.

According to the reports due to the policies of the government the PSPCL has failed declare the dividend for the companies act. Although, after almost a decade the PSPCL was able to gain a profit of Rs 200 crore.

However, if we take a overall look the PSPCL was able to accumulate an amount of Rs. 1700 crore since the time when the electricity board of Punjab was divided into two parts.

Government Working Against The Provisions Of The Companies Act In Patiala

HS choudhary who is the financial advisor in PSPCL sent a letter to the power secretary and he mentioned that the government was not able to pay the amount of Rs. 405.73 crore according to the companies act. Moreover, the companies also were not able to accumulate the loss in these three years.

Here the important fact is that this adjustment iof the subsidy for the agriculture is not braking the companies act  but is also a threat to power regulations according to which the government is supposed to pay the amount tp the company.

Power engineers, under the banner of the PSEB Engineers Association, have also opposed adjustment of the subsidy amount in Patiala. In the last financial year, the government had made a book adjustment of Rs. 952 crore for return of equity. Power engineers have also challenged the practice before the power regulator saying when the PSPCL is in losses, there should be no return of equity.

In addition to this the power engineers are also protesting against the government under the banner of PSEB association of engineers for the policies of the government. However, in last financial year government also made the book adjustments of Rs. 952 crore for the returns of equity. Therefore, the power engineers raised their protest under the banner of association and said that the protests will be carried out and there should be no return of equity since the PSPCL is running from losses.

According to the position of PSCL which is explained above here is the declarations dividend as per the companies. However, the PSPCL is running from continuous loss in the last four years which is quite evident from the figures given below –

How  the PSPCL has failed since 2010
Year                              Rs. (in crore)
2010-11 (loss)                    1,639
2011-12 (loss)                     333
2012-13 (predictable profit)   200
total loss                 1,772

Category: Patiala News

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